The Federal Inland Revenue Service (FIRS) on Friday said that a total sum of N4.3 trillion was generated as its revenue from January to October 2018.
The Executive Chairman FIRS, Babatunde Fowler made this known during
the FIRS’ special day at the Lagos International Trade Fair.
Fowler attributed the increase in revenue collection by the agency to efforts of President Muhammad Buhari’s administration’s policy of expanding the nation’s tax base and blocking of revenue leakages.
He noted that the IRS has the potential to meet its assigned target by the end of the year.
The Head, Federal Engagement and Enlightenment Tax Teams, South West
Zone, Angel Fadahunsi who representing Fowler at the Fair, said, “On our part, we are working hard to ensure that the FIRS is in full alignment with all efforts to grow national revenue from taxation while easing the administrative burdens inherent in it.”
“We have focused our attention on businesses with over a billion naira in annual turnover but no record of commensurate payment of their tax
obligations; approximately 6000 plus of such companies have been
identified and contacted by the Service leveraging on various data sources; we will continue to focus on recovering all such revenues due to the Federal Government and the people of Nigeria. We encourage the
business community and all well-meaning citizens to continue to
partner with us to ensure that defaulters are traced and face the consequences while compliant businesses receive all the support they require.”